Morning Buzz for July 10, 2012 – MR Securities

Karachi, July 10, 2012 (PPI-OT): SECP PROPOSES NEW TAKAFUL RULES

The Securities and Exchange Commission of Pakistan (SECP) in response to industry’s demand has proposed new Takaful Rules.

According to MR Securities, which will allow the conventional insurance companies to offer Takaful products through their dedicated Shariah compliant window operations.

IFC TO DESIGN NEW SME BUSINESS MODEL FOR BANK ALFALAH
IFC, a member of the World Bank Group, launched its Advisory services with Bank Alfalah on Monday to design a new SME Banking Business Model for the Bank.

SMEDA, EDB URGED TO DEVELOP POWER GENERATION PROJECTS
Presiding over 13th meeting of Small and Medium Enterprises Development Authority (SMEDA), Prime Minister Chaudhry Pervaiz Elahi supported a proposal for close coordination between SMEDA, SME Business Support Fund and the SME Bank, who were performing similar functions as different entities.

NEW REVENUE MOBILIZATION: WORLD BANK MISSION INITIATES MEETINGS WITH FBR OFFICIALS
A World Bank mission has initiated meetings with the Federal Board of Revenue high-ups for launching a new revenue mobilization project for continuation of tax reforms to raise revenue collection by improving effectiveness, accountability and transparency of tax machinery through institutional changes in the FBR.

IMPORT OF OIL, ELECTRICITY: TECHNICAL PARLEYS WITH INDIA THIS MONTH
The Commerce Ministry on Monday informed Senate Standing Committee on Commerce that Pakistan will hold technical talks with India for import of oil and electricity during the current month.

UKRAINE SEEKS TO INVEST IN ENERGY PROJECT: ENVOY
Ukrainian Ambassador Volodymyr Lokomov on Monday met senior Commerce Minister Makhdoom Amin Fahim and discussed various dimensions of trade between Ukraine and Pakistan.

POL PRODUCTS: CUT IN PRICES MAY DISCOURAGE SMUGGLING
Reduction in prices of petroleum products may discourage smuggling of petroleum products into the country and government may save substantial amount which it lost due to POL smuggling.

UP TO RS 2.70 PER LITRE CUT IN POL PRODUCTS’ PRICES LIKELY
Prices of Petrol, CNG and HSD are likely to go down by Rs 2.70/litre, Rs 2.5/litre and Re 1/litre respectively, while prices of other POL are expected to increase from Rs. 1.2 to Rs 4.5/litre from July 16.

HEAVY GAS DEPOSIT DISCOVERED IN SUI
Long-delayed 2-dimension survey to explore new natural gas reservoirs in Sui area of Dera Bugti district has been completed, confirming heavy gas deposits in the area.

THERE WILL BE SERIOUS GAS SHORTAGES IN WINTER, SNGPL CHIEF TELLS INDUSTRY
SNGPL Managing Director Arif Hameed has warned the industry of serious gas shortages in the upcoming winter and said that gas tariff would also be revised upward to speed up exploration work.

CLIMATE CHANGE CAN AFFECT HYDROPOWER OUTPUT: ADB
Increased glacial melting, landslides, and avalanches could have significant impact on hydropower in some parts of Pakistan, Nepal, Bhutan and Peoples” Republic of China, an ADB study says.

POWER METERS NOT CERTIFIED BY PSQCA
Though people are skeptic about speed of new electricity meters being installed by distribution companies across the country, millions of meters are uncertified by Pakistan Standard and Quality Control Authority.

PUNJAB TRADERS SUPPORT THAR COAL PROJECT FOR ENERGY CRISIS
Socio-political circles have lauded the bold decision of business community of Punjab for supporting “Thar Coal” project for overcoming ongoing energy crisis in the country.

PPL AMONG EIGHT FIRMS TO BID FOR AFGHAN OIL AND GAS EXPLORATION
Seven energy firms are likely to compete with Exxon Mobil Corp for the right to explore oil and gas blocks in northern Afghanistan, the country’s Mining Ministry said in a statement.

PLAN UNDER STUDY TO PASS ON FULL IMPACT TO CONSUMERS
A plan is under study to pass on full impact of global oil prices to consumers without making any cut in taxes in case world crude prices swell.

PAKISTAN, UKRAINE TO SET UP TRADE COMMISSION
Pakistan and Ukraine will establish an inter-governmental commission to facilitate bilateral trade, which currently stands below $200 million a year – a level that is far below than the potential.